Allegiant Travel Company ALGT reported traffic numbers for February 2024.

Scheduled traffic (measured in revenue passenger miles) grew 0.4% from February 2023 levels. Capacity (measured in available seat miles) for scheduled service improved 2.1% from February 2023 reading. The load factor (percentage of seats filled by passengers) in February 2024 came in at 84%.

Total departures (scheduled services) grew 0.2% in February 2024 from its year-ago levels. Moreover, its average stage length (miles) improved 1.3%.

For the total system (including scheduled service and fixed fee contract), Allegiant carried 0.3% more passengers in February 2024 from the year-ago period’s level.

Fuel price per gallon in February is estimated to have been $3.16. For first-quarter 2024, the estimated average fuel cost per gallon - system - guidance is $3.02.

ALGT currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Given the buoyant traffic scenario, ALGT is not the only airline to report impressive traffic numbers for February.

Copa Holdings, S.A.CPA reported solid traffic numbers for February 2024 on the back of upbeat air-travel demand. Driven by high passenger volumes, revenue passenger miles (a measure of traffic) rose in double digits in February on a year-over-year basis.

To match the demand swell, CPA is increasing its capacity. In February, available seat miles (a measure of capacity) increased 17% year over year. Revenue passenger miles increased 17.5%. With traffic growth outpacing capacity expansion, the load factor improved to 86.3% from 85.9% in February 2023.

Ryanair HoldingsRYAAY, a European carrier, also reported solid traffic numbers for February 2024, driven by upbeat air-travel demand. The number of passengers ferried on RYAAY flights in February was 11.10 million, implying that 5% more passengers flew than a year ago.

The load factor was high at 92% in February 2024. The reading was similar in the year-ago period.

RYAAY operated more than 63,000 flights in February 2024. However, more than 800 flights got canceled due to the Israel/Gaza conflict.

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report

Ryanair Holdings PLC (RYAAY) : Free Stock Analysis Report

Copa Holdings, S.A. (CPA) : Free Stock Analysis Report

Allegiant Travel Company (ALGT) : Free Stock Analysis Report

To read this article on Zacks.com click here.

Zacks Investment Research